Summits Yellow

Monitise Partners with MasterCard, Telefónica and Santander

Tim Maytom

[caption id="attachment_49790" align="alignleft" width="300"]Elizabeth Buse and Alastair Lukies, co-CEOs of Monitise Elizabeth Buse and Alastair Lukies, co-CEOs of Monitise[/caption]

Mobile banking company Monitise has announced partnerships with MasterCard, Telefónica and Santander as part of an initiative to accelerate the take-up of its mobile payments products.

The partnerships form a significant endorsement of Monitise's strategy by a leading global payment network, a mobile network operator and bank, as well as emphasising the shared reward of investment in the new Monitise platform.

The team of partners will invest £49.2m in Monitise to fuel its business development activities and further acceleration of the group's technology, with the ultimate aim of increasing momentum of end-user adoption.

Santander will be leveraging its expertise in banking to help Monitise work at scale and will adopt new Mobile Money capabilities provided by Monitise's technology. Telefónica will be developing new products and services making use of Monitise's capability, while MasterCard will be working on joint development and deployment of new digital payments services.

In addition, Monitise is also partnering with IBM to deploy its cognitive computing engine, Watson, in support of Monitise's new technology platform, and cloud-based mCommerce solutions.

"In order to succeed, organisations increasingly realise that partnerships without frontiers are critical to enabling them to engage with and serve their customers in an evolving digitally-connected world," said Elizabeth Buse, co-CEO of Monitise. "Our approach to open collaboration across industries supports this by simplifying access to a common mobile network for partners via our cost-effective, subscription-based, flexible technology products and services.

"The next phase of our strategy sees Monitise, in collaboration with it partners, accelerating on its strategy to be the world's leading enabler of digital commerce services."